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Five Characteristics of World-Class Procurement Organizations

What differentiates top procurers from mediocre procurers, aside from an ability to drive more value for the business? There are actually five answers to that question, according to an article at Supply Chain Digest.

Five-Star Qualities

  1. Being a trusted advisor to the business
  2. Driving suppliers to innovate
  3. Providing analytics-backed insights
  4. Protecting the business from risk
  5. Taking an agile approach to staffing

Procurement organizations should not be viewed as merely administrators; they should be working to become trusted business partners, as is the case in half of world-class procurement organizations. Another 89 percent of these top players also use and have access to substantial data analytics. It is used so well that analytics, market intelligence, and benchmarking can be offered on demand to stakeholders. This becomes especially important as it pertains to mitigating risks. It also pays to have complete supplier risk assessments in place. And while we are on the subject, procurers should further push suppliers to innovate, perhaps using a formalized innovation life cycle.

Lastly, procurement leaders take an agile approach to staffing, providing more training, paying higher salaries, and retaining more great employees. They also place a high emphasis on knowledge management, for when employees do manage to slip away. To learn more, you can read the original article here: http://www.scdigest.com/ontarget/14-09-02-3.php?cid=8451&ctype=content

About John Friscia

John Friscia is the Editor of Computer Aid's Accelerating IT Success. He began working for Computer Aid, Inc. in 2013 and continues to provide graphic design support for AITS. He graduated summa cum laude from Shippensburg University with a B.A. in English.

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